PBMF Fall 2020 Semester Review

A nation with a trade surplus is said to have a favorable trade position

• True

• False

All of the following types of businesses are producers EXCEPT

• manufacturers

• farmers

• extractors

• retailers

Without foreign trade, all of the items you buy would cost less, because they would not need to be shipped here from other lands.

• True

• False

Property tax revenue is used to pay for all of the following EXCEPT

• community parks.

• Medicare and Medicaid.

• schools.

• police protection.

A unique business organized by two or more other businesses to operate for a limited time and for a specific project is a

• limited liability.

• franchise.

• liability company.

• joint venture.

The difference between a country’s total exports and total imports is called the

• foreign debt.

• balance of trade.

• trade surplus.

• trade deficit.

The easiest form of business to start is the

• nonprofit corporation

• proprietorship

• S corporation

• partnership

Antitrust laws protect consumers from all of the following EXCEPT

• false advertising.

• products becoming outdated too quickly.

• deceptive packaging.

• misleading labeling.

Which element of a business plan discusses the entrepreneur’s short-term and long-term goals for the business?

• financial plans

• description of the competition

• description of the business

• customer analysis

Most of the money needed to start a new business comes from

• the sale of stock.

• credit given by businesses that sell products and services to the new business.

• bank loans.

• the entrepreneur and his/her family and friends.